Treasury Department repeals Biden-era reporting requirement for US businesses
Treasury said the repeal will save small businesses $6.7 billion over 10 years while ending federal collection of U.S. ownership records.
- On Tuesday, the Financial Crimes Enforcement Network finalized a rule repealing the beneficial-ownership reporting requirement for U.S. businesses and announced it would delete all previously collected ownership data.
- Congress enacted the Corporate Transparency Act in 2021 to combat illicit finance, with reporting requirements taking effect in January 2024; the Trump administration temporarily suspended these obligations in March 2025, now making that suspension permanent.
- Treasury Secretary Scott Bessent called the repeal "a victory for common sense," citing $6.7 billion in compliance cost savings over the next decade for American businesses.
- Republicans on the Senate Banking Committee praised the move, while Sen. Elizabeth Warren called it a "gift to cartels, criminals and U.S. adversaries" exploiting shell companies to move money.
- Foreign companies and pooled investment vehicles must still report information about foreign owners, though former State Department official Richard Nephew warned the repeal opens the U.S. to financial crime and money laundering.
34 Articles
34 Articles
charitonleader.com
Fraud concerns raised over U.S. Treasury's repeal of corporate reporting rules
(The Center Square) – In a change meant to aid small businesses, the U.S. Treasury’s Financial Crimes Enforcement Network has permanently rescinded certain corporate ownership reporting requirements.
![[your]NEWS](/_next/image?url=https%3A%2F%2Fgroundnews.b-cdn.net%2Finterests%2Ffb6dc495f74049f513563c33352175eaa0ecd509.jpg%3Fwidth%3D24&w=64&q=75){kind=small}
Fraud concerns raised over U.S. Treasury’s repeal of corporate reporting rules
In a change meant to aid small businesses, the U.S. Treasury’s Financial Crimes Enforcement Network has permanently rescinded certain corporate ownership reporting requirements. The post Fraud concerns raised over U.S. Treasury’s repeal of corporate reporting rules first appeared on [your]NEWS.
Trump Administration Wipes Beneficial Ownership Database in Permanent Removal of Anti-Corruption Safeguards
The US Treasury has permanently scrapped the rule requiring American companies to disclose, who really owns them, and will delete the ownership records it has already collected. The move, announced on Tuesday, dismantles the core of a law that its own supporters once described as the most important anti-corruption measure in a generation. The Financial Crimes Enforcement Network, the Treasury bureau that tracks illicit money, finalised a rule en…
Zero Hedge
Treasury Department Ends Ownership Reporting For US Small Businesses
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
The Trump Administration definitively eliminated a federal requirement that required millions of U.S. companies to inform the federal government who owns or who controls the company. Regulation had been imposed by the Biden Administration. Deregulation was announced on Wednesday by the Treasury Department. Until now, companies had to deliver information to the Financial Crimes Control Network (FinCEN), a Treasury agency charged with combating mo…
Coverage Details
Bias Distribution
- 56% of the sources are Center
![[your]NEWS](/_next/image?url=https%3A%2F%2Fgroundnews.b-cdn.net%2Finterests%2Ffb6dc495f74049f513563c33352175eaa0ecd509.jpg%3Fwidth%3D60&w=128&q=75)
Factuality
To view factuality data please Upgrade to Premium
